Rapid7 (NASDAQ:RPD) Hits New 1-Year Low on Analyst Downgrade

Rapid7, Inc. (NASDAQ:RPD) hit a new 52-week low during mid-day trading on Wednesday after Truist Financial lowered their price target on the stock from $50.00 to $45.00. Truist Financial currently has a hold rating on the stock. Rapid7 traded as low as $38.09 and last traded at $38.51, with a volume of 1860227 shares traded. The stock had previously closed at $45.80.

Several other research firms also recently issued reports on RPD. Citigroup upgraded Rapid7 from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $65.00 in a research report on Tuesday, January 9th. Scotiabank assumed coverage on Rapid7 in a research note on Friday, April 26th. They issued a “sector perform” rating and a $46.00 target price for the company. Barclays upped their target price on shares of Rapid7 from $58.00 to $60.00 and gave the stock an “equal weight” rating in a report on Thursday, February 8th. Stifel Nicolaus lowered their price target on Rapid7 from $63.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, StockNews.com downgraded shares of Rapid7 from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.63.

Insider Buying and Selling at Rapid7

In other news, COO Andrew F. Burton sold 31,727 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the transaction, the chief operating officer now owns 236,841 shares in the company, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Andrew F. Burton sold 31,727 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total value of $1,683,751.89. Following the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at approximately $13,665,206.58. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Rapid7

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Rapid7 by 2.2% during the third quarter. Vanguard Group Inc. now owns 7,041,011 shares of the technology company’s stock worth $322,337,000 after buying an additional 148,440 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Rapid7 by 49.2% in the 4th quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after purchasing an additional 1,124,429 shares during the last quarter. Hawk Ridge Capital Management LP increased its holdings in shares of Rapid7 by 757.7% in the third quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after purchasing an additional 1,406,619 shares during the period. Wasatch Advisors LP raised its stake in shares of Rapid7 by 12.8% during the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock worth $80,514,000 after purchasing an additional 160,531 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rapid7 by 46.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after purchasing an additional 397,968 shares during the period. 95.66% of the stock is owned by hedge funds and other institutional investors.

Rapid7 Trading Down 15.2 %

The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -16.01 and a beta of 1.01. The firm’s 50 day simple moving average is $49.41 and its 200-day simple moving average is $52.81.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. The business had revenue of $205.27 million during the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. As a group, sell-side analysts forecast that Rapid7, Inc. will post 0.86 EPS for the current fiscal year.

About Rapid7

Rapid7, Inc provides cybersecurity solutions under the Rapid7, Nexpose, and Metasploit brand names. The company offers endpoint to cloud data collection and sharing applications, such as Rapid7 Insight Agent, a software-based agent that is used on assets across on-premises and cloud environments to centralize and monitor data on company's platform; Rapid7 Insight Network Sensor that analyzes raw end-to-end network traffic to increase visibility into user activity, pinpoint real threats, and investigations; Rapid7 Cloud Event Data Harvesting that offers visibility into changes made to cloud resources; and third-party integrations and ecosystem, as well as orchestration and automation solutions.